Hakuhodo DY Holdings | Major Shareholders

(As of September 30th, 2012)

	Name	Shares held	Percentage
1	The Hakuho Foundation	7,060,535	18.17
2	General Incorporated Association Hakusei-kai	1,916,970	4.93
3	Hakuhodo DY Holdings Employees' Shareholdings Association	1,387,430	3.57
4	Motoko Nakamoto	1,155,000	2.97
5	The Asahi Shimbun Company	1,122,349	2.88
6	Nippon Life Insurance Company	986,680	2.53
7	Hakuhodo DY Holdings Inc.	890,081	2.29
8	Nippon Television Network Corporation	862,000	2.21
9	Japan Trustee Services Bank, Ltd. (Trust Account)	824,010	2.12
10	Japan Master Trust Bank, Ltd.(Trust Account)	798,840	2.05